[Federal Register Volume 80, Number 16 (Monday, January 26, 2015)]
[Proposed Rules]
[Page 3926]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-01258]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-151416-06]
RIN 1545-BG21


Certain Distributions Treated as Sales or Exchanges; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-151416-06) that was published in the Federal Register 
on Monday, November 3, 2014 (79 FR 65151), that prescribe how a partner 
should measure its interest in a partnership's unrealized receivables 
and inventory items, and that provide guidance regarding the tax 
consequences of a distribution that causes a reduction in that 
interest.

DATES: Written or electronic comments and request for a public hearing 
for the notice of proposed rulemaking at 79 FR 65151, November 3, 2014, 
are still being accepted and must be received by February 2, 2015.

FOR FURTHER INFORMATION CONTACT: Allison R. Carmody, at (202) 317-5279 
or Frank J. Fisher, at (202) 317-6850 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking published Monday, November 3, 
2014 (79 FR 65151), is under section 751(b) of the Internal Revenue 
Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-151416-06) 
contains errors that are misleading and are in need of clarification.

Correction to Publication

    Accordingly, the notice of proposed rulemaking, FR Doc. 2014-25487, 
beginning on page 65151 in the issue of November 3, 2014, is corrected 
as follows:

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1. On page 65152, in the preamble, second column, twenty-fifth line 
from the top of the column, the language ``example, Rev. Rul. 84-102 
(84-102 CB'' is corrected to read ``example, Rev. Rul. 84-102 (1984-2 
CB''.
0
2. On page 65154, in the preamble, second column, sixth line from the 
bottom of the second full paragraph, the language ``751(b) in 
situations in which 751(b)'' is corrected to read ``751(b) in 
situations in which section 751(b)''.
0
3. On page 65155, in the preamble, third column, first and second lines 
from the bottom of the first full paragraph, the language ``must 
disclose its position on Form 8275, Disclosure Statement.'' is 
corrected to read ``must disclose its position on Form 8275-R, 
Regulation Disclosure Statement.''.


Sec.  1.751-1  [Corrected]

0
4. On page 65160, second column, sixteenth line of paragraph 
(b)(2)(ii), the language ``takes into account any section 743 basis'' 
is corrected to read ``takes into account any section 743(b) basis''.
0
5. On page 65160, third column, ninth line of paragraph (b)(2)(iii)(A), 
the language ``taking into account any section 743'' is corrected to 
read ``taking into account any section 743(b)''.
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6. On page 65163, second column, the twenty-fourth through the twenty-
sixth lines of paragraph (f), the language ``this section consistently 
for all partnership sales, exchanges, and distributions, including for 
any'' is corrected to read ``this section, and proposed Sec.  1.704-
1(b)(2)(iv)(f), consistently for all partnership sales, exchanges, and 
distributions occurring on or after November 3, 2014, including for 
any''.
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7. On page 65165, second column, paragraph (g) Example 4. (ii)(B), the 
eleventh line, the language ``immediately before the distribution are 
$25'' is corrected to read ``immediately before the distribution is 
$25''.


Sec.  1.755-1  [Corrected]

0
8. On page 65172, second column, paragraph (c)(2)(vi), the twentieth 
line, the language ``and (v), would have applied if no'' is corrected 
to read ``or (v), would have applied if no''.
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9. On page 65173, first column, paragraph (c)(6) Example 2. (vi)(D), 
the second line, the language ``$9 remaining section 743(b) adjustments 
is'' is corrected to ``$9 remaining section 743(b) adjustment is''.
0
10. On page 65173, first column, paragraph (c)(6) Example 2. (vi)(D), 
the eighth line from the bottom of the paragraph, the language 
``section 743(b) adjustments is not taken into'' is corrected to 
``section 743(b) adjustment is not taken into''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2015-01258 Filed 1-23-15; 8:45 am]
BILLING CODE 4830-01-P